STRATEGIC MANAGEMENT AND PERFORMANCE OF SELECTED STONE MINING COMPANIES IN SOUTH-WEST, NIGERIA
Strategic management has received a lot of attention from both the academia and professionals over the years. Many literature on strategic management have relayed information on matters that contribute to the poor and unsteady levels of company’s performance. However, the debate on strategic management as a medium for effective performance of operation has been on-going. Therefore, this study examines the effect of strategic management on performance of selected stone mining companies in south-west, Nigeria.
Survey research design was adopted for the study. The population of this study consist of the primary and secondary whereby the primary population is the total number of staff (1098) in the selected twenty-five companies in South-West, Nigeria and the secondary population is the total number of top and middle level management staff (179) in the selected companies. The study focused on the secondary population (Top and middle management staff) of the twenty-five selected companies in south-west, Nigeria. Total enumeration was used to arrive at a sample size of 179 because of the small population. A structured questionnaire was administered. The instrument were validated and data gathered was analyzed through descriptive and linear regression analysis.
The result of the analysis shows that environmental scanning has significant effect on market size as indicated by the significant value (R2 = .212 and P = .000< 0.05). Similarly, significant relationship exists between strategy formulation and profitability (R = .520 and P = .000<0.05). The result on the effect of strategy implementation on sales volume shows a significance although low as depicted (R2 = .004 and P = .000> 0.05). Strategy evaluation likewise, indicated a significant effect with customer satisfaction at the value of (R2 = .046 and P = .000<.005).
This study concluded that strategic management plays a significant role in determining the performance of stone mining companies. This study then recommends that stone mining companies and manufacturing industry in general should regularly engage in strategic management and also make sure implementation of strategies are carried out. Furthermore, they should try as much as possible to train their staff well in order to improve performance.
Keywords: Strategic management, Performance, Stone mining companies, Organization.